What is the role of MTL license in the United States? Can I only apply separately?

Hello! Here I briefly introduce the American MTL license plate.

Previously, Huobi.com announced that it had obtained the MSB (Money ServicesBusiness) license in the United States, which attracted the attention and discussion of many exchanges, and many exchanges began to consult related affairs. We are familiar with the B network and P network in the United States, both of which carry out currency trading business on the premise of only holding MSB. Therefore, in principle, it is not strict and unrealistic to hold the MSB license to conduct currency trading business in compliance with regulations in the United States.

Companies must comply with federal regulations to register as MSB, and must also comply with the state regulations of the state where remittance activities are conducted. Currently, 53 states and territories have licensing requirements. XTransfer, lianlianpay and other large companies engaged in the service industry in digital currency have all applied for MSB licenses. The earlier they start to register, the more obvious their advantages will be.

To engage in legal tender trading business, you need to apply for MTL license in each state.

MTL business license: digital currency trading, currency trading and legal tender trading. (MSB in the United States is registered with the Financial Supervisory Authority and can engage in monetary services, which is broadly similar to that in digital currency. MTL can abide by national regulations and can engage in legal tender trading and digital currency business. If you don't have many years of financial qualifications in the United States, you must first apply for MSB filing, and then apply for a state license. )

Application process:

1. Preliminary preparation: including 10 documents. If the company has multiple structures, it needs to conduct all investigations, including the background of the parent company.

2. Margin and account deposit: US$ 500,000 in California, US$ 6,543.8+0,000 in new york and US$ 20,000 in Washington (if there is business offline, you must apply for the license of the corresponding state, but not online).

3. Opening an account: Bank of America or JPMorgan Chase, and you can't open an account in the mainland, you have to open an account locally. (American lawyers should confirm their qualifications face to face and avoid risks. )

4. License application:

3-5 months (excluding material preparation)

5. Post-maintenance: once a year, the cost varies from state to state, more than 8,000 dollars.

Note: The license plate does not need actual office space and employees, but it has strict qualification requirements. The necessary qualification certificate needs to be issued by a lawyer, and the application success rate is 80%. Moreover, the deposit is paid according to your business volume and needs to be updated regularly (including share change, venue change, scale expansion, etc. ). Take Washington as an example, the license deposit of $20,000 is aimed at enterprises below $6,543,800+0,000, which is a gradual increase.